Management Dynamics

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Volume 26, Issue 1 (2026)Read More

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Case Report

24 January 2026

AJC Edutech: Scaling the Heights or Rethinking of a Sustainable Business Model?

Shubham Singhania, Varda Sardana

This case study explores the strategic crossroads faced by AJC Edutech Private Limited (branded as anujjindal.in), a rapidly growing EdTech firm specializing in government exam preparation in India. Operating in a highly competitive and evolving digital education landscape, AJC Edutech confronts mounting pressure to sustain profitability, retain learner engagement, and differentiate its offerings amidst dominant players like BYJU’S, Unacademy, and Physics Wallah. The case investigates critical issues such as pricing innovation, product bundling, customer acquisition, and longterm brand positioning. It also examines the potential of technology integration, datadriven personalization, and community building as levers for growth. Through a detailed exploration of the company's operational model, market dynamics, and student expectations, the case poses a fundamental question: Should AJC Edutech scale aggressively to capture market share, or pause to rethink and consolidate its business model for long-term sustainability? Designed for courses in business strategy, digital entrepreneurship, and innovation management, the case encourages learners to evaluate real-world challenges of scaling, pivoting, and adapting in a volatile, tech-driven educational environment. It also includes simulation-based classroom activities and role-plays to deepen understanding of strategic decision making under resource constraints. This case offers valuable insights for educators, practitioners, and policy thinkers in the digital learning space.

Research Article

24 January 2026

From Operations to Outcomes: The Role of Industry 4.0 in Customer Management and Financial Performance

Hong Long Chen

Despite extensive research on Industry 4.0 (I4.0) technologies, relatively little attention has been given to their impact on financial performance at the firm level. This study proposes a model to investigate the links between I4.0 implementation level (I4.0IL), supply chain management performance (SCMP), customer management performance (CMP), and company financial outcomes using bootstrap-based structural equation modeling (SEM) with data from 91 companies across various sectors. The results of the bootstrap-based SEM with 1,000 resamples show that SCMP significantly influences both CMP and company financial performance, and CMP also significantly impacts financial performance. While I4.0IL does not significantly amplify the effects of SCMP on CMP and financial performance, we find that I4.0IL primarily influences company financial performance through its moderating impact on the relationship between CMP and financial outcomes. Further analysis reveals that CMP significantly mediates the relationship between SCMP and financial outcomes. Our findings contribute to a deeper understanding of the financial effects associated with I4.0 technologies and shed light on the pathways through which I4.0ILs impact financial outcomes

Current Articles

Research Article22 January 2026

IPO Pricing and Performance: Market Insights with a Green Lens

Amit Kumar Singh, Shivani Kalra, Kanak Jain, Kashish Soni

Background: Research on Initial Public Offerings (IPOs) in emerging markets has largely centred on under-pricing and short-term returns, with limited attention to sustainability-oriented issuers. This study addresses that gap by examining the role of green innovation, defined as IPOs issued by firms with explicit environmental sustainability frameworks in shaping IPO outcomes in India. Subject: The analysis covers 393 IPOs listed on the National Stock Exchange between 2012 and 2023, distinguishing Green and Non-Green issuers to assess comparative market performance under varying conditions and price bands. Materials and Methods: The Normalized Raw Return Spread (NRRS) methodology and multiple regression analysis are employed to evaluate market-adjusted returns across listing day and twelve-month horizons. IPOs are categorized by issue price and market capitalization, with particular focus on small-cap offerings priced below ₹150. Results: Green IPOs demonstrated moderate listing gains and higher short-term volatility but consistently outperformed non-green IPOs in long-term returns, especially beyond the sixth month. Small-cap green IPOs generated peak twelve-month returns of up to 147.74% in bullish market phases. However, regression analysis revealed that green status alone was not a statistically significant predictor of IPO performance after accounting for other factors; sustained post-listing momentum was the primary driver of returns. Conclusion: By integrating sustainability and innovation metrics into IPO analysis, the study challenges the assumption that returns peak on listing day. The findings have both theoretical and policy implications, underscoring India’s evolving shift toward sustainability-driven capital markets and positioning Green IPOs as catalysts for long-term economic and environmental value.

Research Article24 January 2026

From Operations to Outcomes: The Role of Industry 4.0 in Customer Management and Financial Performance

Hong Long Chen

Most Popular Articles

Research Article

25 April 2022

The Factors Influencing Consumer Buying Decision of Electronic Products

Bijay Kushwaha, N. Rao, Sohail Ahmad

Consumer behaviour study is an effort to understand the buying tendencies of buyers for their end use. Consumer buying decisions direct how healthy the company's selling policy fits market demand. The persistent invention in electronic products accompanied by great price war followed by various opponent products available in every market, has commanded sellers to focus on the consumers' buying behaviour. This study examines the effect of influencing determinants on consumer buying decision of electronic products amongst different socio-demographic profiles. The comprehensive analysis indicates that social and personal factors are strongly associated with the consumer buying decision of consumers which supports our previous study on similar ground and situational determinant is the new which play almost parallel role. The result also helps manufacturers and dealers in understanding consumer buying behaviour and assist in improvement on buyer gratification. It was recommended that sellers should take cognizance of the fact that socio-personal factors are the fundamental determinants of buyers' want and behavior and should therefore be considered when producing electrical products for semi-urban markets.

Research Article

21 April 2022

Payment Mode Influencing Consumer Behavior:Cashless Payment Versus Conventional Payment System in India

Saiyid Saif Abidi, Syed Md Faisal Khan

Background: This paper is an effort to analyze cashless payment vs Conventional payment system in India. The current study focuses on the challenges and threats faced by Indian consumer while using digital money. The paper highlights the buying patter of consumer in context to cashless and conventional payment system. Methods: In the current study theoretical model is constructed reviewing different journals based on cashless as well as conventional payment system. The study evaluates factor effecting purchase decision in light of variables associated with payment mode. Primary as well as secondary data is used for framing the conceptual theory which emphasizes on associating factors for the use of card or cash as medium for purchase. The studies also focus on cashless payment and its impact on consumer. The study is based on quantitative research. The sample size chosen is 500 based on standard deviation of the pilot study. SPSS 19.0 is used in the current study for the analysis of quantitative data. Reliability analysis is used for measuring consistency of the questionnaire. Correlation test is used to find the association between independent and dependent variables. Results: The study evaluates the most promising factor for payment option in contrast to card and cash.

Research Article

25 April 2022

Export, Import and Economic Growth in India: A Study

Jyoti Kumari

Export and Import are very crucial part of our international trade and have always been so in the past. Export helps the country to earn dearer foreign exchange which supports imports and this promotes the economic growth. This study is carried out to investigate the linkage between exports, import and GDPat factor cost at constant price in India for the period post liberalization from 1991-92 to 2012-13. It is analyzed how exports and imports contribute to the economic growth of India. This study found that imports must be supported by exports to achieve continuous growth in the economy. Export tends to have a positive influence on economic growth by keeping import constant but import negatively influences economic growth by keeping export constant.

Research Article

25 April 2022

Factors Affecting Movement of Indian Stock Market: A Study with Special Reference to CNX Nifty

Tanu Agarwal, Saurabb Kumar, Satyendra Singh

Stock markets are often referred to as barometer of an economy. Stock market indices not only tell us about the condition of stock markets but in a way they also reflect the health of an economy. Stock prices do not move in vacuum rather they are affected by a large number of factors. The objective of the study is to identify the factors affecting the movement of Indian stock market and the impact of these factors on the same. For the purpose of this study, CNX Nifty has been used to represent the movement of Indian stock markets. CNX Nifty is a well-diversified index consisting of 50 large cap companies representing most of the important sectors of Indian economy. The study deals with the time series data and consists of eleven variables i.e. Oil Prices, S&P 500, Nikkei, FTSE, NASDAQ, Wholesale Price Index as a proxy for inflation. Index of Industrial Production, Foreign Exchange Rate, Current Account Deficit, FII Investment and CNX Nifty. The study has been conducted over a period of 32 quarters from financial year 2005-06 to 2012-13. Researchers have used Principal Component Analysis and Regression Analysis for conducting the study and drawing the conclusions. All these variables have been clubbed into two factors namely Macroeconomic Factors and International Factors. The study revealed that both these factors i.e. macroeconomic factors as well as international factors have significant impact on movement of CNX Nifty.

Research Article

21 April 2022

Arbitrage Pricing Theory and its relevance in modelling market

Anuradha Yadav, Pooja Hegde

This research compares the Arbitrage Pricing Theory (APT) to the Capital Asset Pricing Theory (CAPT) by looking at numerous macroeconomic factors that affect market security prices and determining how APT explains the majority of the returns. The goal of this study was to look at the fundamental aspects (revenue, assets, liabilities, and growth potentials) in order to compute the intrinsic value based on the investor's risk tolerance. The BSE and NSE websites were used to get month-by-month secondary data over a period of ten years (2010–2020), which included the share price returns of TATA Motors and Eicher Motors as well as the BSE Auto Index. The statistics on GDP growth rate, inflation, and interest rates was obtained from the RBI's official website. The findings imply that the APT model accurately describes the majority of the company's share returns. Furthermore, it is clear that macroeconomic variables have a substantial impact on the risk of an asset over time and are one of the key inputs that financial analysts must consider when calculating expected returns. Furthermore, the sources of risk incorporated in a data set in an APT model inform the investor as to why certain stocks move in a particular direction.

Research Article

22 April 2022

An Analysis of Employee Empowerment and Job Satisfaction:A Review

Anu Kohli, Alka Sharma

Employee empowerment is considered as an important human resource management practice because of its assumed relationship with job satisfaction. This research paper reviews the literature related to the relationship between employee empowerment and job satisfaction. Various definitions, approaches and dimensions of employee empowerment and job satisfaction are considered for the period 2000 –2015. Studies pertaining to individual level, work unit level and organizational level have been included in order to examine the relationship between them. Literature shows positive relationship between employee empowerment and job satisfaction in different sectors like hospitality, BPO, banking, and educational sector. It can be concluded that employee empowerment is positively related to job tenure while negatively with the emotional exhaustion, while job satisfaction is negatively related with both job tenure and emotional exhaustion. The paper also vindicates that public sector employees are more satisfied with their jobs as compared to private sector employees. The study indicates that the factors, which contribute to Job satisfaction, are gender specific in nature. Finally it can be concluded that in order to provide job satisfaction to the employees, employee empowerment can be used as a powerful tool. This paper helps the practitioners and other researchers to enhance their knowledge about empowerment and its impact on job satisfaction.